A speculative stock like Ulta Salon, Cosmetics and Fragrance is exactly the kind of thing you need to need to spice up your portfolio, Cramer said Friday .

The beauty retailer is one of the largest in the country, and has been able to consistently deliver "spectacular" numbers.

"This is a rapidly growing retailer with a great concept and a ton of momentum," he said.

The trick, Cramer said, is to catch these big growths stories at the right time. And he thinks the time is right now, with Ulta in the early stages of its expansion. It plans on ultimately having 1,000 stores across the country, up from its current 415 locations.

Plus, the company has delivered earnings growth over the last nine quarters that will "knock your socks off," he said. He thinks the company has found a recipe for success since it transformed itself from a discount beauty store to a "supermarket of beauty" that sells products at all price points and has a full-service salon.

And while the stock has had a huge run since the beginning of the year, it has recently pulled back. Cramer thinks it's worth buying into the weakness.

So why is this a speculative play? Right now Ulta is selling for 30 times next year's earnings, and Cramer counsels caution with high-flying, high-multiple names in this hostile market.